Cariad Hair turns heads with £7,000 fast-track loan


Development Bank of Wales

28 October 2019

A Cardiff-based business owner has been able to revamp his hair salon and expand chair rental opportunities for other stylists thanks to a micro loan from the Development Bank of Wales.

 Cariad Hair is owned and run by sole trader Warren Richards who has been cutting, styling and colouring hair for the last 15 years.

With plans to renovate the salon, Warren applied for a £7,000 fast-track working capital loan.

Fast-track loans are available for businesses that have been trading for two years or more and come with less paperwork and faster decision making, with some being made in 48 hours.

Last year, the Development Bank introduced several improvements to make it easier for businesses to get the finance they need, offering a quick, simplified service that allows them to unlock much needed investment for start-up costs, to cover capital expenditure and stock purchases, for example.

Warren applied for a fast-track loan through the Development Bank of Wales’ website.

 He said: “A fast-track loan from the Development Bank of Wales has enabled me to revamp my salon in Cardiff and invest some money into my brand and marketing. The process was so quick and simple from my application to the turnaround in just two days.

“The renovation of the salon will not only help to attract more stylists to work here, but hopefully grow our customer base allowing us all to continue to improve and refine our craft. I am so proud of my newly renovated salon which wouldn’t have been possible without the Development Bank loan.”

Emily Wood, Investment Executive at the Development Bank of Wales said: “Giving small business owners such as Warren the opportunity to access funding easily and effectively allows them to adapt quickly. I look forward to seeing Cariad Hair go from strength to strength with our backing.”

The Wales Micro Loan Fund is a £16.2m fund, backed by the Welsh Government. It’s targeted at small businesses, sole traders and social enterprises based in Wales.


Notes to editors

Photo caption: Warren Richards, Cariad Hair and Emily Wood, Development Bank of Wales.

For more information please contact: Manon Eyton / 02920789321 / 07849806532

About Cariad Hair:

About the Development Bank of Wales

  • The Development Bank of Wales was set up by the Welsh Government to support the economy of Wales by making it easier for businesses to get the finance needed to start up, strengthen and grow. The purpose of the Development Bank is to unlock potential in the economy of Wales by increasing the provision of sustainable, effective finance in the market.
  • Launched in October 2017 it is a cornerstone organisation for delivery of public sector financial products, supporting micro to medium businesses in Wales and increasing the supply of finance. It promotes economic development through an adaptable delivery model that is responsive to market needs whilst providing continued value for money for public funds. It delivers key Welsh Government policy objectives measured through performance targets and providing investment management and support services across the whole of Welsh Government.
  • The Development Bank of Wales invested £80m across 420 investments in the financial year 18/19 which in turn attracted £126m in private sector investment.

See the Development Banks of Wales latest performance here

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Development Bank of Wales Plc (Banc Datblygu Cymru ccc) is the holding company of a Group that trades as Development Bank of Wales. The Group is made up of a number of subsidiaries which are registered with names including the initials DBW. Development Bank of Wales Plc is a development finance company wholly owned by the Welsh Ministers and it is neither authorised nor regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The Development Bank of Wales has three subsidiaries which are authorised and regulated by the FCA. Please note that neither the Development Bank of Wales Plc nor any of its subsidiaries are banking institutions or operate as such. This means that none of the group entities are able to accept deposits from the public. A complete legal structure chart for Development Bank of Wales Plc can be found at

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